ABHINANDAN JAIN (CA Student) (886 Points)
14 April 2013For computing Net VAT payable, how do we calculate the amount of stock reversed and Input VAT thereon..is there anyone who is having formula or any excel sheet to compute such thing
There is lot of sales and purchases and accounting is done in Tally.
CA D.C. Bansal
(Accounts Head)
(283 Points)
Replied 16 April 2013
What does the 'Stock Reversed" means
ABHINANDAN JAIN
(CA Student)
(886 Points)
Replied 16 April 2013
i mean if there is Purchases/sales return, then the INPUT VAT paid should nt be eligible for credit..
so if i"m calculating the net vat liability then the vat on Stock reversed is not to be deducted out of total output VAT...?
r u getting my confusion...?
MJ Krishnamurthy
(ACCT(Retd))
(7197 Points)
Replied 16 April 2013
In the vat return form itself there should be a column to declare sales /purchae returns.If it is not there you attach a work sheet showing the actual output/input - the returns=net claimed,in both the items.If any query arises in future it can be explained with the help of work sheet attached in your file.......mjk
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